VRS director using policy background to build for the future

The summer after graduating from JMU, Patricia “Trish” Schwab Bishop (’92) was a Governor’s Fellow in L. Douglas Wilder’s office in Richmond.

“That experience launched my career in state government,” she said. “The fellowship truly is an incubator for future public employees. A number of JMU students have ended up applying for and participating in the program, and quite a few remain in state government today.”

That list includes Bishop, now director of the Virginia Retirement System. She originally considered a career in law, but life soon took her down a different path — and she ran with it. “I probably never would have said, ‘Oh, I’m going to be the director of the 14th-largest pension plan in the United States, with approximately 860,000 members and beneficiaries.”

Looking back, she credits JMU with giving her “the foundation for a career with purpose,” adding, “I’m committed to making sure today’s students feel that same spark.”

“If I have any advice,” she said, “it’s to never underestimate the value of showing up, staying curious and building relationships. Public service is full of purpose and opportunities for those willing to raise their hand.”

A northern New Jersey native, Bishop was following an older classmate’s recommendation when she set her eyes on JMU. “Rita was the valedictorian of her high school class,” Bishop said. “I thought, ‘If it’s good enough for Rita, it can be for me.’”

After visiting JMU with her family, Bishop knew it was the right choice. “It had great energy,” she recalled. “We went on one of those magical spring days at JMU, where everyone’s out on the Quad and seems really happy. And we were really impressed by the level of communication and the warm welcome that we received when we took our tour. ... Then, I ended up being a student ambassador and giving those tours.”

She pursued a degree in Political Science and took on a secondary History major after studying British history during the Semester in London program. While at JMU, Bishop was a member of Tri Sigma sorority, worked with the Proud and True Fund, and was in the president’s cabinet.

“I learned a lot at JMU, and I think I had exposure to excellent academic and leadership experiences,” Bishop said. “I think the close relationships that I had with my academic advisors and professors really helped shape an interest in public service and also a preparedness for it, [such as] solid communication skills, strong writing skills and substantial analytical skills. All were honed while I was at JMU.”

While working with political science professor Dr. Robert Roberts on an independent study, she also gained “practical work experience that I was able to leverage as I moved forward.”

After her summer fellowship, she worked as a policy assistant in the governor’s office, where she met various state government leaders before working for the Virginia Senate. Next, she moved to the Joint Legislative Audit and Review Commission as an analyst doing applied social science research and was later responsible for oversight of the Virginia Retirement System. In 2008, she applied for the job of VRS policy director and has held various positions at VRS ever since, including deputy director and, as of 2015, director.

“All of my roles have been in public sector service, and all of them have had policy and public administration elements,” she said. “So that’s sort of a thread that’s run through all of the roles that I’ve had.”

Most rewarding in her career is the opportunity for growth and new challenges. “I think one of the best parts about my career path has been the commitment to service and helping the commonwealth’s public servants, including our teachers, our first responders and others who make such a difference in the lives of all of us,” she said.

“I encourage people to explore public service, because it can be incredibly gratifying and meaningful and make a big impact on the lives of others and communities,” Bishop said. “When we think about what we do at VRS … we say we serve those who serve others. ... The notion of service has always been compelling and meaningful to me. And when I think about advice to young people, I often say, ‘Find a role where you feel it’s fulfilling and meaningful.’”

As director of VRS, Bishop wants Virginians to know that planning for retirement doesn’t have to be complicated. “If you start early and you’re consistent, you can really take advantage of the power of compound interest,” she said. “Paying yourself first, early in your career, will pay dividends along the way. ... It may feel daunting, but saving early and often equals good outcomes.”

To those who didn’t start saving early, there’s still time. “It’s never too late to put money aside, and it’s also never too late to save more and spend a little bit less,” she said. “You’d be surprised at how much even $10 a week can do, particularly if you have matching funds from your employer. So anytime your employer offers a match, be sure to take full advantage of that, because that’s a return on investment that is largely unmatched elsewhere.”

Because commonsense saving methods can reap big rewards, Bishop said one of the most important things we can all do is to pay attention to spending. “Sometimes we get a lot of wants, maybe, and focus less on what we need. For me, personally, it’s my love of shoes that probably needs to be edited. But making those small changes can make a big difference.”

Other small differences she’s making include community volunteer work with Breakthrough T1D, previously the Juvenile Diabetes Foundation, a nonprofit organization that raises funds and awareness to “advance treatments, influence policy and improve access to care” for those with Type 1 diabetes, according to its website.

“I want to make sure the next generation has a better go than I did,” Bishop said. “Over time, that charity has funded groundbreaking research that has been responsible for improving lives, including my own. So, I spend a lot of time on that.”

Bishop also returns to campus when she can to talk with Political Science students about their career options, what she likes about working in public service, and the benefits of doing student internships.

“I was given an opportunity, so to try to help others get that opportunity is really meaningful,” she said. “JMU really gave me the foundation to think critically and work collaboratively. We did so much teamwork there, and we talked a lot about integrity, and really, that’s foundational to what we do here at VRS. Our members and beneficiaries put a lot of faith in this plan that is going to provide them security for the long term. So, operating with integrity and as a fiduciary is paramount — I was exposed to that during my time at JMU.”